Buying FB call contracts.

Meta Platforms (FB) — formerly Facebook — is now trading at a price that represents significant value compared to earnings.

The company is expected to generate profits of $12.34 per share this year, and is now trading at just about 17.5 times expected earnings.

Despite its challenges, FB still has a tremendous presence in the social media business with growth opportunities in other verticals. And after its fall from grace, FB now looks like it is finding support with a high probability of pushing higher.

If the overall tech rout continues, we have plenty of bearish exposure with our put positions. Buying FB calls today will help balance our exposure and give us potential for gains if investors turn bullish once again.